๐๐๐ง๐ฎ๐๐ซ๐ฒ ๐, ๐๐๐๐
* ๐๐ก๐ ๐๐๐ ๐ญ๐ซ๐๐๐ข๐ง๐ ๐ซ๐๐ง๐ ๐: ๐,๐๐๐๐ฉ๐ญ – ๐,๐๐๐๐ฉ๐ญ (๐๐๐ฌ๐ญ๐๐ซ๐๐๐ฒ ๐๐ฅ๐จ๐ฌ๐: ๐,๐๐๐๐ฉ๐ญ)
* ๐๐ก๐ ๐๐ง๐ข๐ญ๐๐ ๐๐ญ๐๐ญ๐๐ฌ (๐๐) ๐ฌ๐ญ๐จ๐๐ค ๐ข๐ง๐๐ข๐๐๐ฌ ๐ ๐ฎ๐ญ๐ฎ๐ซ๐๐ฌ ๐ข๐ง๐๐ซ๐๐๐ฌ๐๐ ๐๐ฒ ๐ฌ๐จ๐ฆ๐ ๐.๐% ๐๐๐๐จ๐ซ๐ ๐๐จ๐ง๐ ๐ซ๐๐ฌ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐๐ฉ๐ข๐ญ๐จ๐ฅ ๐๐ข๐ฅ๐ฅ ๐ซ๐๐ฌ๐ฎ๐ฆ๐๐ ๐ฉ๐ซ๐จ๐๐๐ฌ๐ฌ ๐ญ๐จ ๐๐จ๐ง๐๐ข๐ซ๐ฆ ๐๐ข๐๐๐ง ๐๐ฌ ๐ญ๐ก๐ ๐๐ ๐ฉ๐ซ๐๐ฌ๐ข๐๐๐ง๐ญ-๐๐ฅ๐๐๐ญ ๐๐๐ญ๐๐ซ ๐ญ๐ก๐ ๐ฌ๐ข๐๐ ๐
* ๐๐ก๐ ๐๐๐ ๐ข๐ฌ ๐๐ฑ๐ฉ๐๐๐ญ๐๐ ๐ญ๐จ ๐๐ฅ๐ฎ๐๐ญ๐ฎ๐๐ญ๐ย ๐ญ๐จ ๐๐ญ๐ญ๐๐ฆ๐ฉ๐ญ ๐ซ๐๐ฏ๐๐ซ๐ฌ๐ ๐๐ฅ๐ฌ๐จ ๐๐ฒ ๐ฌ๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ ๐จ๐ ๐ฌ๐ญ๐๐๐ฅ๐ ๐๐๐๐๐๐ ๐๐ง๐ ๐จ๐ข๐ฅ ๐๐ฅ๐จ๐ฌ๐
Morning,
The Jakarta Composite Index (JCI) today (1/7) is expected to be in the range of 6,000pt โ 6,175pt, to fluctuate and to attempt higher also by support of bargain hunters. Meanwhile, yesterday ย (1/6), the DJIA closed higher by 438 points or 1.4% to 30,829pt, while the S&P500 and the Nasdaq ย ended higher ย by 0.6% and lower 0.6%, respectively. The US equities rose as Georgiaโs Senate runoff election results rolled in to create a 50-50 Senate that Democrats will control. A democrat-held ย Senate is widely believed push for a more robust stimulus package.
๐๐ข๐ ๐ก๐๐ซ ๐ข๐ ๐ง๐จ๐ญ ๐๐ฑ๐ญ๐ซ๐๐ฆ๐ ๐ฏ๐จ๐ฅ๐๐ญ๐ข๐ฅ๐ข๐ญ๐ฒ ๐ข๐ฌ ๐ง๐จ๐ฐ ๐๐๐๐ค ๐๐จ๐ซ ๐ฌ๐จ๐ฆ๐ ๐๐จ๐ซ๐๐ฌ๐๐๐๐๐ฅ๐ ๐ฌ๐ก๐จ๐ซ๐ญ-๐ญ๐๐ซ๐ฆ ๐ฉ๐๐ซ๐ข๐จ๐
The latest political news in the US on chaos in the Capitol Hill, along with the sudden break on the ย โPSBB Transisiโ (transitional large scale social restriction) for major cities in Indonesia being decided yesterday, have come to ย underline again the issue of intensifyng volatility in the financial market.
In-line with the above theme we review one of the counters in our sector choice this year , Trade, which include 4 (four) counters, as ACES, SCMA, MAPI and MNCN.
๐๐ฎ๐ซ๐ฒ๐ ๐๐ข๐ญ๐ซ๐ ๐๐๐๐ข๐ (๐๐๐๐) ๐ซ๐๐ฌ๐ฎ๐ฆ๐ ๐๐๐ ๐ซ๐๐ญ๐ข๐ง๐ ๐จ๐ง ๐๐จ๐ฌ๐ญ-๐จ๐-๐ซ๐๐ฏ๐๐ง๐ฎ๐ ๐๐๐๐ฉ๐ญ๐ข๐๐ข๐ฅ๐ข๐ญ๐ฒ
Given the latest financial of SCMA we maintain our BUY rating with a 12M-TP of IDR2,900/share that is representing a FY20 annualized earnings multiple of 34.9x, which is within its highest in the most recent years. The main argument is that the counter is among ones that is expected to benefit from current volatile situation. This implies a V-shape recovery also for the company, in the event of ย the economy does so this year.
SCMA reported total consolidated revenue of IDR3.6tr , representing a contractio of 13.5% YoY. On a quarterly basis, the 3Q20 total revenue recorded at IDR1.2tr vs. IDR564bn in the 2Q20, or representing a twice as much increase.
A resume of business activities during the 3Q20 has done good for the company business.ย Revenues from Television increased by 23% QoQ in the 3Q20 as compared to a contraction of 28% QoQ in the 2Q, while revenues from the Digital and Out-of-home advertising increased by 49.7% QoQ in the 3Q20 as compared to a contraction of 51.7% QoQ in the 2Q20.
Cost-of-revenue elasticity improved operating margins in the 9M20 to 32.9% (3Q20: 31%) as compared to 28.9% during 9M19. Net profit margin was recorded stable at 25% during the 9M20 as compared to the 1H20.ย As at end of September 30, the company remains a debt-free one
At the other end, yesterday ย the WTI price closed higher by ย 1.4% to USD50.6/barrel against the previous close, mainly on the US weekly oil inventory data release that showed aย decline of 8mn barrels as opposed to the estimated 2.1mn drop. Meanwhile, the USDIDR ย closedย at IDR13.926 ย vs. IDR13.945 ย the previous one.
We advise the following recommendations, for both trading and longer-time investment purpose. ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐จ๐ณ๐ช, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ฏ๐ฅ๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต ), ๐๐๐๐, ๐๐๐๐, ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ฐ๐ข๐ญ ๐๐ช๐ฏ๐ช๐ฏ๐จ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ข๐ณ๐ฌ๐ฆ๐ต-๐ธ๐ฆ๐ช๐จ๐ฉ๐ต), ๐๐๐๐, ๐๐๐๐, ๐๐๐๐, ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ฐ๐ฏ๐ด๐ถ๐ฎ๐ฆ๐ณ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ท๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต ), ๐๐ง๐ ๐๐๐๐, ๐๐๐๐, ๐๐๐๐,๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ณ๐ข๐ฅ๐ฆ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ท๐ฆ๐ณ๐ธ๐ฆ๐ช๐จ๐ฉ๐ต),๐๐ง๐ ๐๐๐๐ (๐ฌ๐๐๐ญ๐จ๐ซ ๐จ๐ ๐๐ข๐ด๐ช๐ค ๐๐ฏ๐ฅ๐ถ๐ด๐ต๐ณ๐บ, ๐๐ฅ๐ฅ๐จ๐๐๐ญ๐ข๐จ๐ง ๐ฌ๐ฎ๐ ๐ ๐๐ฌ๐ญ๐ข๐จ๐ง ๐๐ข๐ณ๐ฌ๐ฆ๐ต-๐ธ๐ฆ๐ช๐จ๐ฉ๐ต).
Cheers,